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Tuesday, November 21, 2006

Unitech, Ansal plan to raise $1 bn via FPOs

Unitech and Ansal Properties are believed to be mulling plans to raise further capital from the international markets or through follow-on public offerings, FPOs, reports Business Standard.

Investment bankers close to the developments said the two companies could collectively garner over USD 1 billion (Rs 4,500 crore) from the domestic or international markets - which would take the combined total proceeds for the sector to Rs 22,500 crore (over USD 5 billion).

This comes on the heels of Parsvnath Developers' public issue that generated demand for over Rs 60,000 crore worth shares.

The presence of the Indian property sector on Dalal Street has been negligible so far with a handful of listed realty firms accounting for less than 1% of the country's overall stock market capitalisation.

However, it could soon change with more than a dozen companies finalising their plans to hit the capital market soon.

Of these, at least five companies are likely to hit the market with their IPOs on the domestic or international stock exchanges before the end of this fiscal year, which could generate a collective amount of Rs 18,000 crore (over USD 4 billion).

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